June 29, 2018 / 9:54 PM / a year ago

E-cigarette maker Juul Labs raising funds at $15 billion valuation: Bloomberg

(Reuters) - E-cigarette maker Juul Labs Inc is raising $1.2 billion in a financing round that would value the company at $15 billion, Bloomberg reported on Friday, citing people familiar with the matter.

The company, launched in 2015, brands its products as an alternative to ordinary cigarettes and also offers products such as vaporizers.

The San Francisco-based company plans to use the proceeds to expand outside the United States, according to the report.

Juul Labs declined to comment on the report.

The popularity of cigarette alternatives has been on the rise in the United States in recent years and major tobacco companies including Philip Morris International Inc (PM.N) have taken heed, committing to completely transition to selling only smoke free products in the future.

Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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